The decentralization effects of entrepreneurial characteristics on corporate social responsibility

The question of whether appropriate decentralization can solve Corporate Social Responsibility (CSR) misplacement caused by Entrepreneurial Characteristics (EC) is an interesting ethical puzzle. Because corporate behavior depends on the decision-making choices of executives whose personality characteristics affect the choice tendency, power distribution undoubtedly becomes a big boost for most businesses to work out the adverse externality problems. Based on Upper Echelons Theory, this study developed a comparative impact model linking the effects of entrepreneurial intrinsic nature and experience characteristics on CSR performance. We tested the effective mechanism with the mediator role of the Corporate Power Distribution Index (CPDI) through a sample of listed Chinese companies from 2009 to 2017. The results provide that EC, such as female Gender, Degree, and Salary, have positive effects on CSR; CPDI plays a mediator role in the relationship between EC and CSR; and is moderated by Age, Academy, and Shares. The conclusion shows that EC can improve CSR performance to optimize CPDI to reduce corporate misplacement behavior.


Consider controlling some corporate governance variables such as the size of the board of directors, auditor quality, board independence, CEO characteristics, etc… (where the data is available)
Response: The variable of "the size of the board of directors", has been calculated for the CPDI value, which divides the decision-making power of the company balance between the board and the manager in three steps.
"In the first step, all executives are divided into three groups as director, supervisor, and management team to calculate TPF; Then, using 1, ..., n-1 to represent the seat number in an institution as the leader percentage of each group to calculate PPF; Finally, CPDI is equal to TPF×PPF. Based on previous research, the smaller entropy value represents the more dispersed power of decentralization and authorization for executors."

Consider controlling for firm/industry fixed effects. The inclusion of time fixed effect is also encouraged.
Response: In the table of the paper report, Controls contains three types of control factors: (i) One is the control variable, which is respectively Enterprise's Total Assets, Employee Size, Current Assets, Capital Reserve, Operating Cost, and Asset-liability Ratio; (ii) The second one is the firm fixed effect, which is to control the firm variable; (ii) The third one is the year fixed effect, that is, control of the time variable.
A sentence has been added at the bottom of Table 2 (The label in the paper): Controls include control variables, year fixed effect, and firm fixed effect.
At the same time, the complete regression results are shown in the table below, and we have omitted the control variables section of the paper.

Operating
Cost 0.051 *** 0.005 *** 0.058 *** 0.049 *** 0.005 *** 0.054 *** 0.045 *** 0.005 *** 0.050 *** 0.051 *** 0.050 *** 0.005 *** (6.38) (6.25) (7.14) (6.07) (5.83) (6.74) (5.58) (6.08) (6.11) (6.13) (6.24) (5.79) Year Fixed 6. Using professional proofreading to improve comprehensive academic writing style and the quality of communication Response: Following the reviewers' advice, we carefully reviewed the manuscript, and the full text was re-combed, such as: "Panel A of Table 2 shows that the coefficient of Gender is positive and significant at 0.01, which is consistent with the conclusion that the increased proportion of female executives promotes CSR performance in literature. As the present proportion of female executives in listed companies is relatively small, they pay more attention to their social identity and personal accomplishment by CSR implementation. The mediator impact of CPDI has a significant positive correlation with female Gender characteristics (β=0.017, p<0.05, Model 2). It was indicated that female executives prefer stable structures, or they are not good at changing corporate governance. And it has a negative effect on CSR and is significant at 0.01 (Model 3). This support the Intrinsic Nature of CEOs towards CSR for Hypothesis H1. "

Asset
For modifications to the full text, see the stamped attachment.
Also, we changed the word type to Latex type as requested by the journal. We used Latex to organize all the contents of the paper, as shown in the appendix of the paper.

Minor errors need to be solved:
In Hypothesis 1, there is a mistake after H1 "," (lines 102-103). In the conceptual model, there is an overlapping of the arrows (Figure 1) Table 1 can start at page 6, instead of the ending of the previous page.

Response: The Hypothesis and Figures have been modified.
In the paper, the article segmentation, table layout, and graphic location have been following the requirements of the journal. we use Latex software to adjust the formats to match the journal requirements.